World oil prices have returned to a decline, losing about 1% on Friday night after the release of U.S. economic statistics and have fallen by 1.5-2% since Monday, according to trading data.

The price of July futures on Brent crude oil fell by 0.79% to $74.39 per barrel, while June futures on WTI crude oil fell by 0.8% to $70.3. Earlier in the day both grades were up 0.21% and 0.34% respectively. Since Monday, both grades have declined by 1.5-2%.

Oil prices started falling again after the University of Michigan (USA) released its own preliminary assessment of consumer sentiment across the country in May. The index showing the degree of household confidence in the US economy dropped more than analysts’ expectations, to 57.7 points from 63.5 points in April. Experts had forecast the index would drop only to 63 points.

Also Friday evening, data was published by U.S. oil services company Baker Hughes on the number of active oil rigs in the U.S. The number dropped by two to 586 rigs in the week through May 12.

Earlier, we reported that Gold retreats ahead of U.S. inflation data release.